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From Good Hands to Boxing Gloves: The Dark Side of Insurance
We've all seen the name of AIG's CEO, Edward Liddy, far too often in the last few months. He recently attended a hearing before a congressional committee explaining why he thinks $165 million in federal bailout money from American taxpayers needs to go to AIG employees for bonuses. During Liddy's introduction, Chairman Kanjorski raised the issue about Liddy's former role as CEO of Allstate, and that company's denial of insurance contract claims. Later, one of the representatives asked why we as taxpayers are being forced to pay $165 million in bonuses on the basis that these were contracts. Liddy had no problem denying insurance contract claims which the policyholders made against his former company, Allstate. It might be surprising for the public to realize that Liddy made over $350 million in salary and stock options in his position at Allstate, in large part by implementing a plan to deny and otherwise underpay contract claims to Allstate policyholders. He did this with the assistance, of McKinsey & Co., the same consultants who created the Enron business plan. The public might also be interested to know that while running AIG, Liddy continues to be a major Allstate stockholder. Liddy was the President and CEO of Allstate Insurance Corp. from 1995 to 1999, then the Chairman of the Board until 2007. While at Allstate, he orchestrated across-the-board claim denial and underpayment systems created by McKinsey & Co., which led to David J. Berardinelli's investigative book From Good Hands to Boxing Gloves: The Dark Side of Insurance. According to this book, by the time he left, Mr. Liddy had already amassed Allstate stock worth over $250 million, with an additional payment at retirement of $50 million, and a retirement package worth over $70 million. You can also find out how, during his leadership at Allstate, Liddy oversaw that company's rejection of Hurricane Katrina home loss claims, how those costs were passed off on the American taxpayers through the National Flood Insurance Fund, and how Allstate and Liddy profited by passing off the losses to taxpayers. Find out for yourself why insurance claims are being improperly denied, delayed, and defended at trial. Read the story the insurance industry doesn't want you to know.
Brilliant, Important & Informative
By R. G. Roberts
- October 31, 2009
I'm not aware of another book of this quality, insight or ease of reading on this subject. The author devoted years of tenacious detective work and fact-finding in order to obtain insights and previously confidential information about claims practices at Allstate Insurance. His findings are credible and fact-based. His intellectual curiosity and inferential thinking are very strong, yet his ability to piece together and tell the story in simple, easy-to-read and highly understandable language are even more impressive. This is a first rate job of analysis of an important topic. It focuses on the claims practices initially instituted by Allstate Insurance in its automobile business and subsequently spread throughout it's property and casualty business. The net effect was to greatly reduce settlements to Allstate's customers and claimants while growing the company's operating profits significantly. It both raises deep concerns about, and also helps to explain how anti-consumer practices... read more
From an Insider!
By Doc Gardner
- February 12, 2011
I have 20+ years coast-to-coast experience as a Property, Casualty, Catastrophe Adjuster, Expert Witness and 3rd party claim consultant. I have worked in-house (staff adjuster), independent and contract adjuster desks for so many Insurance Carriers I can't recall, as well as on the flip side representing the Policyholder (consumer). This insightful and brilliantly written book begins unveiling the protracted power of the 2nd largest lobby "on the hill". What most fail to recognize is how the insurance industry has been by design regulated at the individual 50 states' level (as opposed to the SEC, FDIC, FHA, FAA, FCC, FDA,....). Just why would this be??
Author David Berardinelli's brilliant work here will hopefully and eventually make him more heralded and well-known than the likes of Melinda Ballard, "The Queen of Mold" (landmark lawsuit against Farmers Ins) or Erin Brockovich (played in the movie by Julia Roberts).
Unfortunately many of the insurer tactics... read more
What an eye opener!
By D. Wohlk "ddw"
- December 16, 2008
Do yourself a favor and buy this book if you want to get very mad at the insurance industry and All State Insurance most of all. If you read this and have All State I promise you will drop them! This is a shocking book and one that I could not put down. I read it cover to cover in one sitting.
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